Economic Analysis by Aghasi Tavadyan

Weekly analysis of Armenia's economy and the region

13 Nov 2026 Research
The Blowing Wind: Why Has Armenia's Economy Started to Slow Down?
EAEU Transfers Capital Flows Russia Banking Sanctions Economic Growth
6 Nov 2026 Research
Orphan railway: the future of a one-exit system
Transport Trade Russia Sanctions
4 Nov 2026 Media
Agricultural exports and the EU: why up to 90% of the harvest spoiled on the way
Agriculture Exports EAEU Russia Trade
30 Oct 2026 Research
Not gas, but the banking system: what will be disrupted in Armenia if it leaves the EAEU?
EAEU Transfers Capital Flows Russia Banking Sanctions Iran
25 Oct 2026 Media
Risks of leaving the EAEU: gas, agriculture and energy
EAEU Russia Energy Electricity Agriculture
23 Oct 2026 Research
"Taking action for nature": what Armenia's own data shows as COP17 opens
Environment Water Regions Yerevan Statistics
16 Oct 2026 Media
The Orphan Railway and New Routes
Transport Trade Russia Sanctions EAEU
16 Oct 2026 Research
Ore instead of apricots: what does Armenia export to the European Union?
Exports Trade EAEU Russia Agriculture Sanctions Diversification
9 Oct 2026 Research
4 trillion drams: What does the 2027 budget promise, and what will actually be spent?
Budget Taxes Public Debt Healthcare Defence
5 Oct 2026 Announcement
What your data is worth. It is time to put it to work
Data Science Business Forecasting
29 Sep 2026 Media
Record gasoline prices: why diesel is more important
Gasoline Prices Energy Russia Agriculture
28 Sep 2026 Media
Solar danger and new demand for electricity
Electricity Energy Russia Iran Prices
26 Sep 2026 Media
The new wave of real estate and Yerevan's super-expensive apartments
Real Estate Tourism Russia Prices Economic Growth
25 Sep 2026 Media
The end of Russian dominance in the fuel market
Gasoline Prices Energy Russia EAEU
25 Sep 2026 Research
Energy problem: solar danger and summer records at the expense of Russian gas
Electricity Energy Russia Iran
18 Sep 2026 Research
The end of the era of cheap money: why has the Central Bank decided to raise interest rates?
CBA Interest Rate Inflation Exchange Rate Armenian Dram Prices
11 Sep 2026 Research
Gasoline price shock: where did the Russian fuel disappear to?
Gasoline Prices Energy Russia Trade
4 Sep 2026 Research
The Temporary Tourist: A Record Season and Its Effect on Yerevan's Rental Market
Tourism Real Estate Russia Yerevan Prices Cost of Living
2 Sep 2026 Media
Railway and TRIPP: what is in Armenia's interest?
Transport Trade Russia Iran Inflation
28 Aug 2026 Research
Two economies and one average: 6.7% growth and a historic decline in agriculture
GDP Agriculture Economic Growth Regions Russia GDP Structure
21 Aug 2026 Research
The Unchanged Minimum Threshold: The Real Cost of Raising the Minimum Wage
Wages Labor Market Poverty Taxes Income Inflation
14 Aug 2026 Research
The Debt Doubled but the Number Fell: The Debt That Depends on the Exchange Rate
Public Debt GDP Exchange Rate Budget
7 Aug 2026 Research
The Guests Left, the Costs Stayed: Armenia's $2.5 Billion External Gap
Balance of Payments Current Account Trade Balance Transfers Forecasting Capital Flows
31 Jul 2026 Research
Crisis before the border closed: what's behind Armenia's 11.9% agricultural decline?
Agriculture GDP Exports Russia Economic Activity Index Economic Growth
24 Jul 2026 Research
Out of the shadows and into Yerevan: what created 300,000 registered jobs
Labor Market Wages Economy Russia Employment Income
17 Jul 2026 Media
450 Million Dollars of Goods Under Sanctions: Who Pays?
Russia EAEU Exports Exchange Rate Capital Flows Sanctions
15 Jul 2026 Research
One Ruble, Three Prices: Why Armenian Banks Don't Want Your Cash Rubles
Exchange Rate Russian Ruble Russia Banking EAEU Armenian Dram Sanctions
27 Jun 2026 Media
What Solutions Are Needed When Russia Has Banned Armenian Imports
Exports Agriculture Russia EAEU Diversification
27 Jun 2026 Media
Armenian-Russian Tension and the Limits of Borrowed Growth
Russia EAEU Economic Growth Banking Agriculture
26 Jun 2026 Research
A Harvest With Nowhere to Go: How Armenia's Economy Got Stuck at the Russian Border
Exports Russia Agriculture EAEU Trade Balance Sanctions
23 Jun 2026 Research
The Growth Wave Stalled: What the New GDP Figures Reveal
GDP Capital Flows Banking Iran GDP Structure Economic Growth
22 Jun 2026 Media
Arab Markets, Perishable Goods, and the Limits of Diversification
Exports EAEU Agriculture Trade Diversification
19 Jun 2026 Research
Inflation at the Border: How Road Accessibility Dictates Consumer Prices
Inflation Prices Cost of Living Agriculture CBA Iran
9 Jun 2026 Research
Record Turnout Without Change: The Real Surprise of Armenia's 2026 Election
Elections Statistics Politics
5 Jun 2026 Research
Three Elections, One Pattern: How Rising Turnout Impacts the Ruling Party's Vote
Elections Statistics Politics
2 Jun 2026 Research
The Parade Glee and the Stark Reality of the Budget
Budget Defence Science
29 May 2026 Research
80% of Armenia's Wages are in Yerevan
Wages Employment Regions Labor Market Income Yerevan
25 May 2026 Media
Turkey Opens Railway Connection for Armenia
Trade Exports Agriculture
22 May 2026 Research
Same Source, Different Price: How Armenia's Medicine Market Adds a 58% Premium
Healthcare Prices Cost of Living Trade
15 May 2026 Research
Exports Growth, Shrinking Fields: The Decline of Armenia's Agriculture
Agriculture GDP Exports Trade Balance Russia
13 May 2026 Media
Macroeconomic Risks of Armenia-Turkey Trade and Deepening EAEU Dependence
Trade EAEU Agriculture Exports
11 May 2026 Media
The Engine of Armenia's Economic Growth
Exports EAEU Capital Flows Iran Exchange Rate
8 May 2026 Research
The European Vector and the EAEU Reality: Armenia's Exports Under the Current Government
Exports Trade Russia EAEU Trade Balance Sanctions Gold
1 May 2026 Research
Armenia’s Exports Quadrupled—Until Russia Closed a Sanctions Loophole
Exports Trade Russia Gold Re-exports Sanctions EAEU
30 Apr 2026 Media
Wage Distribution in Armenia: Economic Inequality and Regional Concentration
Income Inequality Wages Labor Market Banking
24 Apr 2026 Research
111 Years: How the World Remembers the Armenian genocide
Politics International
23 Apr 2026 Media
Electricity Demand and Infrastructure Vulnerability
Energy Electricity Industry Capital Flows
17 Apr 2026 Research
The Iranian Wave: The Hidden Capital Behind Armenia's 7.2% GDP
GDP Capital Flows GDP Structure Economic Growth Banking Iran
14 Apr 2026 Media
Diversification or Economic Shock
EAEU Trade Labor Market Agriculture
9 Apr 2026 Media
Economic Consequences of an EAEU Exit
EAEU Trade Inflation Agriculture
7 Apr 2026 Media
Iran Crisis and New Transit Opportunities
Capital Flows Exchange Rate Middle East Iran Banking
4 Apr 2026 Media
Iran Crisis and Capital Flows
Capital Flows Exchange Rate Inflation Middle East Iran
27 Mar 2026 Announcement
Beyond the Average — Armenia's True Wage Distribution
Wages Labor Market Income Inequality Income
24 Mar 2026 Research
Dollar Near a 22-Year Low: Armenia's Hidden Currency Risk
Armenian Dram Exchange Rate CBA Capital Flows Iran Transfers
21 Mar 2026 Media
Devaluation of the rial and exports to Iran
Iran Trade Exports Exchange Rate
19 Mar 2026 Media
Media Appearances — Banking Blacklists and the Middle East Economic Shock
Banking Real Estate Middle East Oil
18 Mar 2026 Research
The Ruble Anomaly: High Oil Prices and the Weakening Exchange Rate
Russian Ruble Exchange Rate Oil Armenian Dram Russia Sanctions CBA Prices
14 Mar 2026 Media
Financial bomb in the banking system
Banking Loans Real Estate Gold Re-exports
14 Feb 2026 Media
Average salary and average person's salary
Wages Labor Market Income Income Inequality Loans
20 Dec 2025 Media
Behind the Averages: GDP, Wages, and Debt
GDP IT Sector Public Debt Regions Wages Trade Income Inequality
25 Nov 2025 Media
Armenia is a banking country: the growth chain and its danger
Economic Activity Index Economic Growth GDP Banking Real Estate Gold
3 Nov 2025 Media
Budget 2026: Soft landing and spending 'checkbox'
Budget Taxes Economic Growth Income Inequality Wages
24 Sep 2025 Media
ENA, Yerevan centralization, construction and gasoline
Electricity Regions Yerevan Real Estate Banking Loans Gasoline
7 Aug 2025 Media
Growth myths: median salary, restaurants and betting
Wages Income Income Inequality Economic Growth
30 Jul 2025 Media
Nationalization of electricity networks and investor confidence
Electricity Energy Business
21 Jun 2025 Media
Public debt and the Iran war
Public Debt Exports Iran Trade
29 Apr 2025 Media
The gold bubble and the risk of devaluation of the dram
Re-exports Exports Trade Gold Exchange Rate Armenian Dram CBA
25 Mar 2025 Research
The Public Debt Pendulum: Why is Armenia Borrowing to Pay Off Debt?
Public Debt Budget GDP Exchange Rate
11 Mar 2025 Research
Behind the Glamorous Numbers: The Shadow of Armenia's Economic Growth
GDP Economic Growth GDP Structure Gold Real Estate
3 Mar 2025 Media
Universal declaration: limit, trust and tax rates
Taxes Budget Transfers Labor Market
25 Feb 2025 Media
What is happening in the real estate market?
Real Estate Prices Cost of Living
25 Feb 2025 Research
Golden Illusion: The Real Picture of Armenia's Exports
Exports Trade Gold Re-exports Russia EAEU Trade Balance
18 Feb 2025 Research
Russian Money is Going Back: What Awaits Armenia's Economy?
Transfers Russia Capital Flows Banking
4 Feb 2025 Media
Why life is getting more expensive in Armenia: the mystery of gold and diamonds
Cost of Living Inflation Gold Prices
4 Feb 2025 Research
The Precious Effect: The Illusion of Economic Growth in 2024
Economic Activity Index Economic Growth GDP Gold Exports
20 Jan 2025 Research
Transport Fare Increase: Yerevan's Public Transport Reforms and the Limits of Affordability
Transport Prices Inflation Yerevan Cost of Living
14 Jan 2025 Media
The government's announcement about the European Union: risks and possible consequences
EAEU Exports Russia International Transfers
14 Jan 2025 Research
Household Incomes Grew in 2023
Income Poverty Inflation Cost of Living
30 Dec 2024 Announcement
Merry Christmas and Happy New Year
Data Science Generative Art
30 Dec 2024 Media
2024 Economic Summary
Taxes Russia Forecasting
23 Dec 2024 Research
Armenia: Caucasian Tiger or Expensive Dream?
GDP Economic Growth GDP Structure Gold
17 Dec 2024 Media
The tax changes adopted by the government will further worsen the social situation of the population
Taxes Poverty Loans CBA
17 Dec 2024 Research
Support Program for Unreliable Borrowers: A Populist Move or an Economic Necessity?
CBA Loans Interest Rate Banking Economy
9 Dec 2024 Research
The Drama of the Dram and the Bomb of the Ruble
Exchange Rate Armenian Dram CBA Russia Sanctions
1 Dec 2024 Research
Is the Price of Gasoline Gathering Momentum?
Gasoline Prices Energy Oil
19 Nov 2024 Research
Dangerous Numbers: The Dark Side of Armenia's Economic 'Miracle'
Budget Taxes Economic Growth Public Debt
4 Nov 2024 Research
Demographic Crisis: 2 Million Armenians in Armenia by 2100
Demographics Forecasting
28 Oct 2024 Research
BRICS, 22,000 Sanctions and Blockchain
International Russia Sanctions Trade
21 Oct 2024 Media
We have a great dependence on the EAEU: our products are not competitive
EAEU Exports Trade
21 Oct 2024 Research
Beyond the Average Wage
Wages Labor Market Income Taxes Income Inequality
14 Oct 2024 Research
Velvet Commotion and Organizational Change
Business Statistics Economy Employment
14 Oct 2024 Media
Our economic growth is not sustainable: we must have an industry that forms the basis of economic independence
Economic Growth Industry
7 Oct 2024 Media
Armenia's economy is growing at the expense of gold re-exports: where does it come from and where does it go
Gold Re-exports Economic Growth Exports
7 Oct 2024 Research
Almost 80 Percent of Private Jobs Are in Yerevan
Wages Labor Market Income Yerevan Regions Taxes
30 Sep 2024 Research
Hidden Decline: What Does Armenia's Economy Live On?
GDP Economic Growth GDP Structure
23 Sep 2024 Announcement
Data Horizon
Data Science
16 Sep 2024 Media
The sad consequences of gold and diamonds: what condition is Armenia's economy in
Gold Exports Exchange Rate IT Sector
16 Sep 2024 Research
From Capital Inflow to Outflow: The Inner Kitchen of Armenia's Economic Miracle
Transfers Russia Capital Flows Banking
9 Sep 2024 Media
We are in a trap: the depreciation of the dram will increase the state debt
Exchange Rate Public Debt IT Sector Armenian Dram
9 Sep 2024 Research
Electric Armenia: From Grid Vulnerability to Solar Prospects
Electricity Energy Forecasting
2 Sep 2024 Media
The decline of the real economy and exports
Exports EAEU Economic Growth
2 Sep 2024 Research
Golden Illusion: The Real Picture of Armenia's Exports
Exports Trade Gold Re-exports Russia EAEU Trade Balance
26 Aug 2024 Research
Armenia: Caucasian Tiger or Expensive Dream?
GDP Economic Growth GDP Structure Gold
19 Aug 2024 Media
When there is an economic downturn, one should think about reducing taxes: the government is doing the opposite
Taxes Budget Economic Growth
19 Aug 2024 Research
SOS Armenian IT: Ups and Downs in the Sector
IT Sector Employment Labor Market Wages Taxes
12 Aug 2024 Media
The export of our traditional goods is declining
Exports Trade Agriculture Trade Balance
12 Aug 2024 Research
Empty Pockets, High Salaries
Cost of Living Prices Real Estate Wages Income Yerevan
2 Aug 2024 Media
Russia sent 88 percent of its gold to Armenia, which raises questions
Gold Re-exports Russia Exports
2 Aug 2024 Research
Armenia Taxes Time: A Game with Economic Growth
Taxes Budget Economic Growth
26 Jul 2024 Announcement
Expanding Our Services and Team - Join Us in Shaping Armenia’s Data Future
Trade International
5 Jul 2024 Research
Armenia: A Haven for Russian Gold
Gold Trade Exports Russia Re-exports Sanctions
28 Jun 2024 Research
The Pendulum of Public Debt: For the First Time, Domestic Debt Exceeds External Debt
Public Debt Budget GDP Exchange Rate
28 Jun 2024 Media
It's speculation: why should such a large amount of gold pass specifically through Armenia?
Gold Public Debt Russian Ruble EAEU Exports
17 Jun 2024 Research
Beyond the Border: Armenia's Tourism Growth and Potential Decline
Tourism Economy Russia
7 Jun 2024 Research
Under the Loan: Lending Trends by Sector
CBA Loans Interest Rate Banking Economy
7 Jun 2024 Media
75% of exports are precious and semi-precious stones: we are talking about billions
Gold Re-exports Exports Trade
17 May 2024 Media
The mystery of gold: gold exports increased 9 times
Gold Re-exports Exports Trade
17 May 2024 Research
Electric Armenia: Reduction in Electricity Production and Export
Electricity Energy Forecasting
11 May 2024 Research
Gold Fever Continued: 75% of Armenia's Exports are Gold and Diamonds
Gold Re-exports Trade Exports Russia
7 May 2024 Media
Mobile Centre, ZCMC, Vesta, Wildberries and Armenia's Other Large Taxpayers
Taxes Retail Business Trade
3 May 2024 Research
Mobile Centre is Armenia's Largest Taxpayer
Taxes Retail Business Trade
3 May 2024 Media
Capital outflow increased by 55 percent, exports to the EAEU by 10 times
Capital Flows Exports EAEU Trade
26 Apr 2024 Media
The gold rush in Armenia is gaining momentum
Gold Re-exports Exports Trade
26 Apr 2024 Research
Armenia's Hospitality is Cooling: A Study of Services Exports
Exports IT Sector Tourism Trade
23 Apr 2024 Media
How Many Armenians Will We Have in Armenia in 2100?
Forecasting Demographics Data Science
19 Apr 2024 Research
2 Million Armenians in Armenia by 2100
Forecasting Demographics Data Science
16 Apr 2024 Media
Gold Fever: What is Really Hidden Behind Armenia's High Export Indicator?
Re-exports Russia Trade Exports Gold
12 Apr 2024 Research
Gold Fever: Half of Armenia's Exports are Re-exports
Re-exports Russia Trade Exports Gold
9 Apr 2024 Media
The Dram's Drama: What Does the Dram/Dollar Exchange Rate Depend On and How Will It Change Soon?
Exchange Rate Armenian Dram CBA Russia Sanctions
5 Apr 2024 Research
The Dram's Drama: Why the Dram Depreciates and Appreciates
Exchange Rate Armenian Dram CBA Russia Sanctions
3 Apr 2024 Media
High Economic Activity in Armenia: At What Cost?
Economic Activity Index Economic Growth GDP Gold Agriculture
29 Mar 2024 Research
Precious Effect: Reasons for the 2024 Economic Growth
Economic Activity Index Economic Growth GDP Gold Agriculture
29 Mar 2024 Media
Economic challenges of 2024: 10,000 views
Economic Growth Re-exports Gold Real Estate
26 Mar 2024 Media
Gasoline Prices in Armenia: How Are They Formed, How Will They Change?
Gasoline Prices Energy Oil
22 Mar 2024 Research
Is the Price of Gasoline Gaining Momentum?
Gasoline Prices Energy Oil
15 Mar 2024 Media
Talking about the economic challenges of 2024.
Cost of Living Real Estate Yerevan Demographics Economy
15 Mar 2024 Research
10 Years of Agriculture Collapse
GDP Structure Agriculture Industry GDP Economic Growth
9 Mar 2024 Research
The Main Reasons for Armenia's 8.7% Economic Growth in 2023
GDP Economic Growth GDP Structure
1 Mar 2024 Research
Capital Outflow
Transfers Russia Capital Flows Banking
23 Feb 2024 Research
13.5% Growth in Real Estate Prices, 40.9% Decline in Transactions*
Real Estate Prices Cost of Living Yerevan
16 Feb 2024 Research
55.3 Percent Export Growth or -12.2 Percent Decline?
Exports Trade Russia Gold Re-exports Trade Balance
9 Feb 2024 Research
76 Percent of Private Jobs are in Yerevan
Wages Labor Market Income Yerevan Regions Taxes
2 Feb 2024 Research
Wildberries Grew 35 Times in 1 Year
Taxes Retail Trade Business
26 Jan 2024 Research
Strong Family: Wealthy Family
Demographics Income Poverty
19 Jan 2024 Research
The Death of Armenia's 'Auto Industry'
Re-exports Trade Exports Russia
12 Jan 2024 Research
Yerevan is More Expensive than Moscow
Cost of Living Yerevan Real Estate Prices Russia
12 Jan 2024 Media
I summarized this and last week's research
Cost of Living Real Estate Income Yerevan
7 Jan 2024 Media
We summarized the year and discussed what awaits us in 2024.
Forecasting Economic Growth
7 Jan 2024 Research
Households Grew Poorer in 2022
Income Poverty Inflation Cost of Living
25 Dec 2023 Announcement
Merry Christmas and Happy New Year
Data Science Generative Art
25 Dec 2023 Media
2023 Economic Summary
Taxes Economic Growth Tourism IT Sector Exchange Rate
18 Dec 2023 Research
The Transition from Agriculture to Industry
GDP Structure Agriculture Industry GDP Energy
18 Dec 2023 Media
I gave an interview to Panorama.am
Economic Growth GDP
11 Dec 2023 Research
Solar Power Plants to Account for 11% of 2023 Production
Electricity Energy Forecasting
11 Dec 2023 Media
I gave an interview to 1in.am
Sanctions Exports Taxes Capital Flows Agriculture
4 Dec 2023 Media
Discussing to which countries Armenian agricultural products can be exported, besides Russia
Agriculture Exports Russia Trade Diversification
4 Dec 2023 Research
Description of the Capabilities of Armenia's Online Export Dashboard
Data Science Exports Trade Forecasting
27 Nov 2023 Media
The price of petrol could become 400 AMD
Gasoline Prices Forecasting Energy
27 Nov 2023 Research
Gasoline Price to Drop to 400
Forecasting Gasoline Data Science Prices Energy
21 Nov 2023 Media
What impact does Russia have on Armenia's economy: the formation of the petrol market
Russia Gasoline Prices Energy
20 Nov 2023 Research
Reasons for Gasoline Price Increase
Gasoline Prices Energy Oil
13 Nov 2023 Research
Analysis of RA Trade Turnover
Exports Trade EAEU Trade Balance Russia
6 Nov 2023 Research
Analysis of the 2024 State Budget
Budget Taxes Public Debt
30 Oct 2023 Research
Dollarization and Monetization Levels in Armenia
Dollarization CBA Exchange Rate Banking
23 Oct 2023 Research
Russia's Federal Budget Execution
Budget Trade Balance Oil Russia Sanctions Exchange Rate
23 Oct 2023 Media
Forecast of the Russian Ruble and Economic Risks in Armenia
Russian Ruble Exchange Rate Transfers Russia Forecasting
16 Oct 2023 Research
The Russian Ruble is Set to Strengthen. Possible Capital Inflow from Russia to Armenia
Transfers Russia Capital Flows Banking
9 Oct 2023 Research
The Dram's Drama
Exchange Rate Armenian Dram CBA Capital Flows
2 Oct 2023 Research
Russia's Key Interest Rate Hike
Inflation Russian Ruble Interest Rate Russia Sanctions
25 Sep 2023 Research
English Summary
Data Science Statistics
18 Sep 2023 Research
Yerevan Elections: Possible Fraud and Disproportionalities
Elections Yerevan Statistics Politics Data Science
11 Sep 2023 Research
Discussion: Russia's Economy is More Dependent on Armenia
Re-exports Russia Trade Exports

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